Prime Business Africa
VFD Group has reduced its stake in Abbey Mortgage Bank Plc from 33.82 percent to 22.98 percent.
The majority shareholder reduced its stake after selling 1.10 billion shares on Wednesday, December 24, 2025, to take out N6.82 billion from its investment in Abbey Mortgage Bank.
Join our WhatsApp ChannelAbbey Mortgage Bank announced the transaction in a share dealing by an insider document obtained from the Nigerian Exchange (NGX) Limited, and released on Wednesday, December 31.
Prime Business Africa gathered that VFD Group held 3.43 billion shares in Abbey Mortgage Bank, valued at N20.09 billion, prior to the sale of the 1.10 billion shares.
VFD Group has been reducing its investment in Abbey Mortgage Bank in 2025, after selling over 400 million shares in September last year.
This reduced its shares from 3.83 billion, representing a 37.77 percent stake, at the end of December 2024, to 3.43 billion shares, representing a 33.82 percent stake, in September 2025.
Following the share sale in December last year, VFD Group now holds 2.33 billion shares, representing a 22.98 percent stake, valued at N14.93 billion.
The substantial shareholder reduced its investment after the company’s share price skyrocketed by N3.8 kobo, from N3 per share on January 2, to N6.80 kobo on September 17 — when it started selling the shares.
VFD Group milked the rise in the bank’s share value, as Prime Business Africa’s analysis showed that the shareholder’s investment had appreciated by 126.66 percent from N11.50 billion on January 2, 2025, to N26.07 billion on September 17.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
